Jump-starting the economy the entrepreneurial way
The National Commission on Entrepreneurship (NCOE) wants to pourits new American Formula for Growth into the gas tank of theeconomy. The NCOE report exhorts policymakers to look at politicaland economic decisions made over the past 40 years that havecatapulted the entrepreneur-led U.S. economy forward formodels.
The NCOE recommendations contain kernels members of Congress arealready chewing on. Sen. Christopher Bond (R-MO), top Republican onthe Senate Small Business and Entrepreneurship Committee, agreesheartily with the report's call to address the "earlystage capital gap." Bond introduced the Small BusinessInvestment Company Capital Access Act in 2002, which would allowtax-exempt entities to invest in Small Business InvestmentCompanies (SBICs) without incurring unrelated taxable income.Although Bond's bill did not pass last year, Craig Orfield,Bond's spokesman, says a bill reauthorizing the SBA in 2003 mayserve as a convenient vehicle for amendments such as Bond'sSBIC Capital Access Act.
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